SoundHound AI (NASDAQ:SOUN) Shares Up 2.6% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 2.6% on Thursday . The stock traded as high as $16.70 and last traded at $16.80. 20,302,205 shares traded hands during trading, a decline of 69% from the average session volume of 66,541,211 shares. The stock had previously closed at $16.38.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush raised their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Northland Securities lifted their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Price Performance

The stock has a market capitalization of $5.86 billion, a PE ratio of -44.00 and a beta of 2.63. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average price of $14.91 and a 200-day moving average price of $8.52.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period last year, the business earned ($0.09) earnings per share. Research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 34,407 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $698,462.10. Following the completion of the sale, the chief technology officer now directly owns 796,581 shares in the company, valued at $16,170,594.30. This represents a 4.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last three months. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the business. Kieckhefer Group LLC bought a new stake in SoundHound AI in the fourth quarter valued at $3,432,000. Charles Schwab Investment Management Inc. raised its stake in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Carnegie Investment Counsel purchased a new stake in SoundHound AI in the third quarter worth about $4,193,000. Oriental Harbor Investment Fund purchased a new position in shares of SoundHound AI during the 4th quarter worth approximately $8,964,000. Finally, Geode Capital Management LLC raised its position in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.